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Even companies that have publicly promoted a more flexible work-from-home policy in the future have not scaled back on their long-term office requirements, opting instead to take advantage of the current disruption to secure even more space for their businesses. A number of large tech and financial services tenants have recently reconfirmed their commitment to either maintain or grow their collective presence in New York City and other major commercial hubs, which comprise the majority of our portfolio.
When lockdown started, there was a lot of conversation and speculation about how work from home was going to sort overtake all of our lives. And as time has gone by, that conversation has done a 180-degree shift, where almost every day, there is a constant barrage of discussions with tenants who continually express frustration about being at home, the isolation of being at home, the inefficiency of working from home.
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